Daily Mail India
Daily Mail India

Indian Bank to raise up to Rs 5,000 crore via bonds

New Delhi: State-owned Indian Bank on Monday mentioned it plans to raise about Rs 5,000 crore by bonds to fund its enterprise progress.

The resolution to raise funds was taken in its board assembly held on Monday.

“The board of directors in its meeting accorded approval to raise Basel III compliant tier-1 and/or tier-2 bonds up to Rs 5,000 crore in one or more tranches in current or subsequent financial years based on the requirement,” India Bank mentioned in a regulatory submitting.

Last week, Indian Bank had reported widening of web loss at Rs 217.74 crore for the March quarter of 2019-20 due to greater provisions.

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